The following financial statements apply to the next six problems, 13s.12-13s.18. Inland Manufacturing Balance Sheet (Dollars in millions) December 31, 2011, December 31, 2010 Cash $400 $300 Account receivables 560 450 | Inventory 790 550 Total current assets $1,750 $1,300 Total fixed assets 1,200 1,210 Total assets $2,950 $2,510 Inland Manufacturing Income Statement December 31, 2011 (continued) Account payable Note payable $350 $250 (Dollars in Millions) 470 330 Labor 850 Other current liabilities 220 130 Overhead 230 Total current liabilities $1,040 $710 Depreciation Gross profit 400 $1,710 Long-term debt Common equity Total liabilities and equity 580 580 $740 $1,330 $1,220 Selling expenses General and administrative expenses 40 $2,950 $2,510 60 $640 Eanings before interest and taxes (EBIT) Interest expenses Inland Manufacturing Income Statement December 31, 2011 (Dollars in Millions) 25 Earnings before income taxes Provision for income taxes (40%) Gross sales $2,450 $615 Cost of goods sold: 246 Materials $230 Net income $369

The following financial statements apply to the next six problems, 13s.12-13s.18. Inland Manufacturing Balance Sheet (Dollars in millions) December 31, 2011, December 31, 2010 Cash $400 $300 Account receivables 560 450 | Inventory 790 550 Total current assets $1,750 $1,300 Total fixed assets 1,200 1,210 Total assets $2,950 $2,510 Inland Manufacturing Income Statement December 31, 2011 (continued) Account payable Note payable $350 $250 (Dollars in Millions) 470 330 Labor 850 Other current liabilities 220 130 Overhead 230 Total current liabilities $1,040 $710 Depreciation Gross profit 400 $1,710 Long-term debt Common equity Total liabilities and equity 580 580 $740 $1,330 $1,220 Selling expenses General and administrative expenses 40 $2,950 $2,510 60 $640 Eanings before interest and taxes (EBIT) Interest expenses Inland Manufacturing Income Statement December 31, 2011 (Dollars in Millions) 25 Earnings before income taxes Provision for income taxes (40%) Gross sales $2,450 $615 Cost of goods sold: 246 Materials $230 Net income $369

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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19. A listing of the estimated balances in the company's ledger accounts as of December 31, 2023 is given below (as well as in your Excel template): Cash Accounts receivable Inventory-raw materials Inventory-finished goods Capital assets (net) Assets $ 83,365 1,122,900 10,000 9,125 724,000 $1,949,390 Total assets Liabilities and Shareholders' Equity Accounts payable $ 231,563 Capital stock 1,000,000 Retained Earnings Total liabilities and shareholders' equity 717,828 $1,949,390 Required: 1. Prepare a monthly master budget for ToyWorks for the year ended December 31, 2024, including the following schedules (Use the Excel template provided!): Sales Budget & Schedule of Cash Receipts Production Budget & Manufacturing Overhead Budget Direct Materials Budget & Schedule of Cash Disbursements Direct Labour Budget Selling and Administrative Expense Budget Ending Finished Goods Inventory Budget Cash Budget 2. Prepare budgeted financial statements at December 31, 2024, using absorption costing.
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